Law Summary

Purpose and Scope

This Memorandum Order establishes guidelines for processing cash bond refund requests related to conditionally tax and duty-free importations under Section 105 of the Tariff and Customs Code (TCCP).

• Objective: To facilitate the appropriate refund of cash bonds.
• Applicability: All ports and concerned offices of the Bureau of Customs.

Conditions for Release of Shipments

Shipments under cash bond shall not be released without specific approvals.

• Requirement: Prior determination and approval from the Department of Finance (DOF) must be secured by the Consignee/Importer before the release of shipments.
• Legal Basis: This process is mandated under Section 105 of the TCCP.

Revocation of Inconsistent Provisions

This Memorandum Order revokes or modifies any previous orders or regulations that conflict with its provisions.

• Revocation: All prior Orders, Memoranda, Circulars, or parts thereof inconsistent with this Order are deemed revoked, amended, or modified.

Effectivity

This Memorandum Order is effective immediately upon adoption.

• Adoption Date: November 9, 2004.

Responsibilities of Importers/Consignees

Importers or consignees are responsible for obtaining the necessary approval.

• Action Required: Importers/consignees must ensure compliance with the approval process to facilitate the release of their shipments.

Key Takeaways

• The Memorandum Order emphasizes the necessity of prior approval from the Department of Finance for the release of cash bond shipments.
• It effectively cancels any conflicting previous regulations and is effective immediately as of November 9, 2004.
• Compliance by importers and consignees is critical to avoid delays in shipment releases.